Rancho Cucamonga CA – Negotiating short sales is tough. In my opinion, some of the banks are not making good financial decisions. “We won’t approve the file without the financials completely filled out,” they say.

Or, they tell you the numbers won’t work when the investor guidelines actually say to approve the short sale. If the agent doesn’t know who owns the loan (or their short sale guidelines), then the bank negotiators can lie to them. They don’t know any better. Let me give you an example.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

The Stop Foreclosure Institute recently closed a short sale that where the owner of the loan was the Federal National Mortgage Association, also called Fannie Mae.

The bank’s appraiser said the home was worth 220k. Because of prior experience with Fannie Mae Short Sales, I knew what they would accept as a percentage of the value. The short sale offer being presented would net them $6,000 more than that number.

The negotiator countered. She said the buyers needed to pay even more for the house. We asked the buyers if they would raise their offer.

They told us that it was their highest offer. They had looked at a bunch of other homes for sale. If their offer wasn’t accepted they already had another home in mind that they would purchase.

Most agents don’t know the guidelines for short sales. They would have taken the short sale negotiator at face value. As a result, the short sale would have been rejected.

The buyer would have bought the other house and the seller would be at risk of losing the home to foreclosure.

Fortunately, we knew the short sale guidelines. Because we knew the numbers and the guidelines, we were able to push the negotiator for an approval. The file was approved and the sale closed a little while later.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at jp@inlandvalleyhomerescue.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 909-581-2100.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Rancho Cucamonga Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, John Paul Dauber.

John Paul is a Real Estate Broker at Inland Valley Home Rescue.

Phone: 909-581-2100. jp@inlandvalleyhomerescue.com.

View My homes for sale at www.InlandValleyHomeSearch.com.

John Paul Dauber specializes in loan modification assistance and short sales in Rancho Cucamonga California. Rancho Cucamonga Loan Modification Help, Rancho Cucamonga Short Sales, Rancho Cucamonga Short Sale Realtor. Short Sale Realtor. Rancho Cucamonga CA Short Sales. Rancho Cucamonga Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are John Paul Dauber’s personal views and do not reflect the views of Inland Valley Home Rescue. This information on Rancho Cucamonga Short Sales: How to know when the short sale negotiator is lying to you is provided as a courtesy to our viewers to help them make informed decisions.

Fontana CA – What do you do when the house won’t sell for any more money, but the bank keeps on rejecting the offers? You can give up, but the seller may lose their home to foreclosure.

Ouch! Why not escalate the file and get it approved. Here’s an example of how it worked for the Stop Foreclosure Institute.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

We had a house on the market for 4 months. We started the price at 200k and slowly brought it down to $169,900. We finally got an offer for $159,000. Since I knew the bank’s appraiser’s valuation, I knew the offer wouldn’t work.

The bank’s appraiser said the house was worth $195,000. Yes, after we had had the house on the market for 4 months. Because I knew the loan owner’s guidelines, I knew that that current offer at $159,000 didn’t have a shot at getting accepted.

In order to get this file thru, I had two things to do.

1. Convince the bank that their valuation was inaccurate and that they should order a new value.

2. Escalate the file.

To handle Part 1, I send my own opinion of value, also called a Comparable Market Analysis, along with comparable homes for sale. I explained that the valuation they were using was inaccurate and that they needed to order another one.

Here is what I did for Part 2. Then, I asked for their supervisor’s contact info. Remember, most of our communications are e-mail. Two-thirds of the time they will e-mail me back the supervisor’s info. The other one-third of the time they will just start doing a better job on the file.

If the new bank appraiser’s valuation comes back within range, they will approve the file and we can close. On the subject house, the new appraiser’s valuation came back within range. We received an approval on the short sale and it closed a little while later.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at jp@inlandvalleyhomerescue.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 909-581-2100.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Fontana Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, John Paul Dauber.

John Paul is a Real Estate Broker at Inland Valley Home Rescue.

Phone: 909-581-2100. jp@inlandvalleyhomerescue.com.

View My homes for sale at www.InlandValleyHomeSearch.com.

John Paul Dauber specializes in loan modification assistance and short sales in Fontana California. Fontana Loan Modification Help, Fontana Short Sales, Fontana Short Sale Realtor. Short Sale Realtor. Fontana CA Short Sales. Fontana Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Dauber’s personal views and do not reflect the views of Inland Valley Home Rescue. This information on Fontana Short Sales: What to do after the lender rejects the short sale offer is provided as a courtesy to our viewers to help them make informed decisions.

Rancho Cucamonga CA – First, it benefits the owner of the loan. This is because they get to sell the house at today’s price, versus what it will be worth 6-12 months down the road. I just did a comparison and pulled up sold listings.

All of the listings were the similar properties in similar neighborhoods. First, I looked up the average selling price per SQFT of homes that sold in Spring. They sold for an average of $103 a SQFT.

Then, I pulled up homes in the same neighborhoods that sold as REOs in the last 2 months. They are sold for an average of $85 a SQFT. These homes average 1,700 a SQFT. That means a 1,700 REO sold for $30,600 less. Ouch!

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

The other person that’s getting value is the buyer. They get a better deal in today’s market than buying a home from someone who is trying to squeeze out every penny.

You, the seller also benefit. You will be eligible to buy another home in 24 months. You have a better chance of getting a job, because many employers check that nowadays. A short sale is a win – win for everyone involved.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at jp@inlandvalleyhomerescue.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 909-581-2100.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Rancho Cucamonga Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, John Paul Dauber.

John Paul is a Real Estate Broker at Inland Valley Home Rescue.

Phone: 909-581-2100. jp@inlandvalleyhomerescue.com.

View My homes for sale at www.InlandValleyHomeRescue.com.

John Paul Dauber specializes in loan modification assistance and short sales in Rancho Cucamonga California. Rancho Cucamonga Loan Modification Help, Rancho Cucamonga Short Sales, Rancho Cucamonga Short Sale Realtor. Short Sale Realtor. Rancho Cucamonga CA Short Sales. Rancho Cucamonga Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Dauber’s personal views and do not reflect the views of Inland Valley Home Rescue. This information on Rancho Cucamonga Short Sales: Who benefits from a short sale is provided as a courtesy to our viewers to help them make informed decisions.

Rancho Cucamonga CA – The Stop Foreclosure Institute received another testimonial from a seller. She said a lot of stuff and it refreshed my memory. The average person just doesn’t realize how “going broke” makes people feel like trash.
People start doubting themselves. They keep on kicking themselves down mentally.

“Why did I buy that house?” “Why didn’t I work harder at my job, so I wouldn’t get laid off?” Why did I get laid off, and not Joe?”, they say to themselves. “I am such a loser and I can’t find a decent job anymore!”

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

They start thinking all of this stuff. Then, they start getting a lot of mean people calling the house. People such a bill collectors, debt collectors, and their mortgage company.

All of these people use mean, threatening tactics to try and get them to pay. Then, they get in a fight with their spouse over money. It all adds up. They are emotionally beat.

Sometimes they give up, without even realizing it. It’s tough. Everyone kicks you while you are down. They stop taking risks. They stop looking for work.

Or, they lack confidence and as a result don’t get the job. Pretty soon they don’t think they can contribute to the economy. It is a horrible cycle.

If you are experiencing this, don’t give up. Things will turn around. No, I’m not just talking about the general economy. Yes, that will turn around. But, your personal economy will turn around, whether or not the general economy does.

First, you have to get your confidence back. There are several ways you can do this. If you are unemployed, then get a new job. Any job will do, even if it isn’t where you want to end up.

If you are overqualified for the job, then you will look awesome there. But, it will make it much easier for you to get a new, better job elsewhere. Someone is much more likely to hire a person who has a job than someone who is unemployed.

Pretty soon you will get your life back together. Yes, it will feel like a long time. It will be humiliating at time. But, if you just keep on pushing, then it will happen.

I have met so many people who have been hurt by this tough economy. All of them have gotten back on their feet eventually. Sure it wasn’t fun. But, they did it and I’m sure you can to.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at jp@inlandvalleyhomerescue.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 909-581-2100.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Rancho Cucamonga Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, John Paul Dauber.

John Paul is a Real Estate Broker at Inland Valley Home Rescue.

Phone: 909-581-2100. jp@inlandvalleyhomerescue.com.

View My homes for sale at www.InlandValleyHomeSearch.com.

John Paul Dauber specializes in loan modification assistance and short sales in Rancho Cucamonga California. Rancho Cucamonga Loan Modification Help, Rancho Cucamonga Short Sales, Rancho Cucamonga Short Sale Realtor. Short Sale Realtor. Rancho Cucamonga CA Short Sales. Rancho Cucamonga Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Dauber’s personal views and do not reflect the views of Inland Valley Home Rescue. This information on Rancho Cucamonga Short Sales: Another thing that is dragging on the economy is provided as a courtesy to our viewers to help them make informed decisions.

Fontana CA – I’ve heard the following myth from a lot of people. Here’s what they tell me.

“The banks can’t afford to approve loan modifications because they don’t want to take the losses on their books that fast. Also, their investors may not approve the short sale, because they can’t afford to write off too much loss at once.

And the circle goes around and around”, they say. This common myth isn’t true. Here is why.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

The odds are that your loan is not owned by your lender. For example, 80% of all Bank of America’s loans are not owned by them. The biggest holders are the Government Sponsored Enterprises, also called GSEs. The GSEs are Fannie Mae, Freddie Mac, and Ginnie Mae.

These entities are accustomed to losses. In fact, they have loan loss reserves on the books. The other entity that is accustomed to losses is FHA and VA. Between 65-70% of all US mortgages are owned or insure by the GSEs or FHA & VA.

Even small local banks don’t own a large percentage of the loans they hold on the books. For example, another agent I know lives in a small town of 60,000 people. There is a bank that dominates the lending market in the area.

You would think this small bank was lending their own money. Not so. The majority of their loans are sold off within 12-18 months after they are written.

Here is the real reason that loan modifications and short sale are so tough. Remember, loan modifications and short sales will usually net the owner of the loan more money than a foreclosure.

The people who process the loan modifications and short sales won’t lose any money if the home is foreclosed. Here is a classic example of this. An agent is negotiating an FHA short sale with Bank of America.

The short sale negotiator told him it would take her 2-3 weeks to review the offer and then submit it to FHA for final approval. How long was it going to take FHA to review the submitted file and respond?

She told the agent that that FHA had a 72 hour turnaround from when she submits the file to her. It’s pathetic. In this example, BOA isn’t losing the money, FHA is losing it instead. Yes, the system isn’t working, but no one in Washington or at the big banks really seems to care.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at jp@inlandvalleyhomerescue.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 909-581-2100.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Fontana Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, John Paul Dauber.

John Paul is a Real Estate Broker at Inland Valley Home Rescue.

Phone: 909-581-2100. jp@inlandvalleyhomerescue.com.

View My homes for sale at www.InlandValleyHomeSearch.com.

John Paul Dauber specializes in loan modification assistance and short sales in Fontana California. Fontana Loan Modification Help, Fontana Short Sales, Fontana Short Sale Realtor. Short Sale Realtor. Fontana CA Short Sales. Fontana Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Dauber’s personal views and do not reflect the views of Inland Valley Home Rescue. This information on Fontana Short Sales: A Common Myth About Banks and Short Sales is provided as a courtesy to our viewers to help them make informed decisions.

Rancho Cucamonga CA -

The only thing certain in life is death and taxes - Benjamin Franklin

The Stop Foreclosure Institute recently received a question from a homeowner facing foreclosure. I’ll call him Peter to protect his identity.

(Foreclosure is embarrassing and I don’t want to put his name out there.) Peter asked, “I am six months behind on my mortgage payments. I just got the tax bill for 2010 in the mail. Should I pay it?”

He continued, “What will happen if I don’t pay it? Will my house be auctioned to pay the taxes?”

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Here is the answer to Peter’s Question. It all depends on what his plans are and how tight he is on money.

Most people in Peter situation fall into one of 3 categories.

Category A. They want to keep their home. They are already working on a loan modification with their lender. They are saving every extra penny possible and maybe even working an extra job.

Category B. They don’t want to keep their home. They might be thinking about a short sale or deed-in-lieu of foreclosure.

Category C. Cannot afford to keep their home, but want to stay there as long as possible. Maybe they bought an expensive home and aren’t making the big bucks anymore. But, they can afford to rent a smaller, less expensive home.

First a little background on Peter. Peter is in Florida. In Florida, the county cannot auction your home to pay the taxes for at least 2 years. But, usually it is 5-7 years before that actually happens.

This means you have a long window to pay back that tax bill. here is the other thing that often happens. Your lender pays the tax bill. I’m sure you’re asking, “Why would the lender pay the tax bill?”

To protect their interest. If the house gets sold at auction, the lender’s first mortgage could be wiped out. Lender’s have whole departments that do nothing but track property taxes that are due and pay them if necessary. They will pay back taxes and tack it onto what you owe them.

Here is one other caveat: The interest rate on delinquent property taxes in Florida is 10-18%. That can rack up pretty fast.

Here are my answers for how Peter should handle this tax bill.

If he falls into Category A: Pay the tax bill as soon as possible AFTER your loan mod is approved. However, Peter should first attempt to negotiate a successful loan modification with his lender.

Most lenders want a “good faith down payment” to modify a loan. So until the modification goes thru, Peter save all his money for that.

Because if the loan modification is not approved, then Peter will have wasted money paying the taxes. It will be just one less payment for the bank after they foreclose.

If he falls into Categories B or C: Do not pay the tax bill. The lender will end up paying the bill after they foreclose. Or, it will be paid as part of a short sale. Peter will have sold the house, or his lender will have foreclosed on it long before it can be auctioned for unpaid taxes.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at jp@inlandvalleyhomerescue.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 909-581-2100.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Rancho Cucamonga Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, John Paul Dauber.

John Paul is a Real Estate Broker at Inland Valley Home Rescue.

Phone: 909-581-2100. jp@inlandvalleyhomerescue.com.

View My homes for sale at www.InlandValleyHomeSearch.com.

John Paul Dauber specializes in loan modification assistance and short sales in Rancho Cucamonga California. Rancho Cucamonga Loan Modification Help, Rancho Cucamonga Short Sales, Rancho Cucamonga Short Sale Realtor. Short Sale Realtor. Rancho Cucamonga CA Short Sales. Rancho Cucamonga Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Dauber’s personal views and do not reflect the views of Inland Valley Home Rescue. This information on Rancho Cucamonga Short Sales: We answer a question from a homeowner facing foreclosure is provided as a courtesy to our viewers to help them make informed decisions.

Rancho Cucamonga CA – Many people don’t think they are eligible for a short sale because they have unpaid homeowner’s association dues. Don’t worry about paying them yourself. When you short sale your home the association dues will be paid by your lender.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

A homeowner’s association is a very small percentage of the overall short sale value. Lenders know that a short sale will net them substantially more money than a foreclosure.

I had an example in the post below. I showed a house that received a $119,900 short sale offer. The lender rejected that offer. The home was foreclosed on and sold for $96,400. That means that lender lost $23,500 by rejecting that short sale offer.

The short sale lenders have ran all the numbers on a short sale versus foreclosure. They have high paid actuaries who go through everything.

If they have to foreclose, then they want to make sure they get the most amount of money possible. They know that they can recoup their money faster with a short sale versus foreclosing on a house and then reselling it.

Because of that they are willing to pay your delinquent homeowners association dues. In addition, the bank pays the real estate agent (they will have to hire a real estate agent when they sell the house.)

They also pay the title insurance and property taxes, because they must be paid in order to sell a house. They have to pay all those costs when they sell a bank owned property.

The Bottom Line: All of the costs are borne by the bank in a short sale. You pay nothing.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at jp@inlandvalleyhomerescue.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 909-581-2100.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Rancho Cucamonga Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, John Paul Dauber.

John Paul is a Real Estate Broker at Inland Valley Home Rescue.

Phone: 909-581-2100. jp@inlandvalleyhomerescue.com.

View My homes for sale at www.InlandValleyHomeSearch.com.

John Paul Dauber specializes in loan modification assistance and short sales in Rancho Cucamonga California. Rancho Cucamonga Loan Modification Help, Rancho Cucamonga Short Sales, Rancho Cucamonga Short Sale Realtor. Short Sale Realtor. Rancho Cucamonga CA Short Sales. Rancho Cucamonga Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Dauber’s personal views and do not reflect the views of Inland Valley Home Rescue. This information on thinking about a short sale, but can’t pay your homeowner’s association dues is provided as a courtesy to our viewers to help them make informed decisions.